I always had a plan that after campus, I would be employed for 5 years and branch out into self-employment but then again that took time. But am glad I finally made the decision to start my hustle. Though I have learned entrepreneurship can be tough for some people they get lucky and succeed for the first time for me it has been really different from what imagined.
Here are a few lessons from the life of a hustler:
Research is really important for you to understand the kind of business you are getting yourself into. Before starting out in business, it is essential for one to analyze their strengths, weaknesses as well as access the opportunities and potential competition in the market. Ask yourself what solution are you solving? If you are just doing it because it is the in thing then chances of succeeding are slim to none.
Before I began strawberry farming my market analysis revealed demand was high but supply was low which meant strawberries were often too expensive and sometimes bitter.
So set aside some time to do your research, talk to the people in the field that you want to get into, the internet has lots of information that way you know what you are getting yourself into.
Mentors have been there, done that and have seen it all so you need them on board. Mentorship is one guaranteed way to gain from the experience and mistakes of others. That is a lesson I learned the hard way as I started out and clearly things did not go out as I planned out and I failed over and over again, which led to a period of depression. Also, you can benefit from your mentor who has a wide network of people who can benefit your business, as they are invested in your success.
3. Financial Management
Early in the business, it is important to draw up a budget and set down clear financial goals that will guide you. As a start-up, they are a lot of uncertainties as you try to establish your client base and ensure your turnover is never enough so have a financial plan.
Ensure you check and monitor your working capital on a daily basis. If you retain too much stock, your money is tied up in products while you might need it for other purposes at that point in time. Attracting new investors is great for business development and is crucial to growth, however, you should be careful about agreeing to that as that means you will be relinquishing partial control to someone else.
Over the last one year, I have learned that patience is a virtue that is needed every day. At some point, things stopped working out for me and all I could think of is giving up on the business. However, I had to learn that Rome was not built in a day. Things may not go your way but some patience and effort could be just what you need to grow your business.
5. Open Mind
Rather than stick to my comfort zone, sometimes taking a risk is essential to growth. As you decide to take the plunge into business, always remember not everyone will applaud your idea nonetheless, keep an open mind. Set your eyes on your goal and stay focused. It is ok to fail, all you have to remember is you need to get up and try again. When you feel the pressure is too much take some time and get back to your hustle and be better than yesterday.